Molecular Spectroscopy Market - Key Growth Factors and Forecast 2019

Spectroscopy is one of the most advanced and famous analytical technologies used extensively in large number of fields, from healthcare to manufacturing. Spectroscopy is the measurement of interaction between radiated energies emitted by certain matter. The spectroscopy is considered as a function of wavelength. In spectroscopic studies, electromagnetic radiations are allowed to pass through the sample to be analyzed; the sample molecules absorb only those wavelengths which can convert their energy level, from ground state to excited state. The detector installed on other side of device, records and analyzes the wavelengths which were absorbed and their respective proportion.

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In case of molecular spectroscopy, the given sample molecule absorbs only those wavelengths which have energies that correspond to energy difference of occurring transition. Hence, if the transition needs energy difference of delta E, the sample molecule will absorb only radiation that corresponds to delta E. Further, the nature and proposition of wavelength absorption gives the idea about the transition energies, which is correlated and the structure of molecule is estimated.

The market of molecular spectroscopy is segmented on the basis of types of spectroscopy, such as, NMR spectroscopy (Fourier Transform NMR, continuous wave NMR, solid-state NMR), Raman Spectroscopy (FT-Raman, surface-enhancing Raman, micro-Raman, and others), UV-Visible spectroscopy (single-beam UV, array-based UV, double-beam UV), mass spectroscopy, Infrared spectroscopy (Near IR, Mid-IR, Far-IR), and others. Further the market is segmented on the basis of applications, namely, microbiology, bio and nanotechnology, pharmaceuticals, chemistry, biopharmaceuticals, food industry, manufacturing industry, environmental analysis and many others. Furthermore, the market is segmented on the basis of geography, such as, North America, Europe, Asia-Pacific and Rest of the World (RoW). Currently, North America and Europe are the most prominent markets, owing to extensive research practices. However, Asia-Pacific and some countries in RoW region are expected to show very lucrative growth in the upcoming period, owing to enhanced governmental support for research purposes and growth in research infrastructure and technologies.

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The market is driven by many inflowing drivers, such as, rapid growth in penetration of technology in the R&D field of various sectors, increased demand for hyper-sophisticated analytical instrument by various global research organizations, enhanced governmental support for research purposes, increased emphasis by pharmaceutical and chemical organizations on the discovery of newer molecules, frequent rise in international standards for food and drug safety enforces the use of hyper-sophisticated equipment in industry and others. Rapid growth in R&D practices is considered as the most important driver of the market growth. For instance, according to the European Federation of Pharmaceutica Industries and Association (EFPIA), the total R&D expenditure by pharmaceutical companies in EU27 countries was around USD 41,000 million, in the year 2012. Furthermore, due to enhanced penetration of technology, the utilization and hence demand for the advanced equipment is rapidly increasing. On the other hand, major restraints include huge expenditure for initial set-up and instrumentation, high cost of maintenance, need of technically well skilled personnel and limited awareness in many countries of the world. Initial cost is the biggest hurdle in the market growth. For instance, the basic instrument of UV-Visible spectroscopy (the easiest and used method) costs around USD 5,000 to 14,000. The key opportunity includes development of cost-effective devices with enhanced accuracy of the results.

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